Cliff Notes
- Donald Trump announced that a “very wealthy group” will be revealed as the buyer of TikTok in approximately two weeks, pending potential Chinese government approval.
- TikTok’s parent company, Bytedance, continues to negotiate with the US government amid concerns over data security, with several high-profile figures rumoured as potential buyers.
- The president also discussed impending US tariffs on imported goods, stating that letters will be sent out shortly to inform countries of their respective tariffs, with a focus on trade relationships.
Donald Trump says ‘very wealthy group’ has agreed to buy TikTok in the US
Donald Trump has said the US government has found a buyer for TikTok that he will reveal “in about two weeks”.
The president told Fox News “it’s a group of very wealthy people”, adding: “I think I’ll probably need China approval, I think President Xi will probably do it.”
TikTok was ordered last year to find a new owner for its US operation – or face a ban – after politicians said they feared sensitive data about Americans could be passed to the Chinese government.
The video app’s owner, Bytedance, has repeatedly denied such claims.
It originally had a deadline of 19 January to find a buyer – and many users were shocked when it “went dark” for a number of hours when that date came round, before later being restored.
However, President Trump has now extended the deadline several times.
The last extension was on 19 June, when the president signed another executive order pushing it back to 17 September.
Mr Trump’s latest comments suggest multiple people coming together to take control of the app in the US.
Among those rumoured to be potential buyers include YouTube superstar Mr Beast, US search engine startup Perplexity AI, and Kevin O’Leary – an investor from Shark Tank (the US version of Dragons’ Den).
Bytedance said in April that it was still talking to the US government, but there were “differences on many key issues”.
It’s believed the Chinese government will have to approve any agreement.
President Trump’s interview with Fox News also touched on the upcoming end of the pause in US tariffs on imported goods.
On April 9, he granted a 90-day reprieve for countries threatened with a tariff of more than 10% in order to give them time to negotiate.
Deals have already been struck with some countries, including the UK.
The president said he didn’t think he would need to push back the 9 July deadline and that letters would be sent out imminently stating what tariff each country would face.
“We’ll look at the deficit we have – or whatever it is with the country; we’ll look at how the country treats us – are they good, are they not so good. Some countries, we don’t care – we’ll just send a high number out,” he said.
“But we’re going to be sending letters out starting pretty soon. We don’t have to meet, we have all the numbers.”
The president announced the tariffs in April, arguing they were correcting an unfair trade relationship and would return lost prosperity to US industries such as car-making.